Under Article (8), the rank of a mortgage is determined by the date and serial number of its registration with the DLD. If multiple parties apply for mortgages on the same property simultaneously, they are registered under the same number and rank e…
Under Article (8), the rank of a mortgage is determined by the date and serial number of its registration with the DLD. If multiple parties apply for mortgages on the same property simultaneously, they are registered under the same number and rank equally for the distribution of sale proceeds. This system provides a clear chronological hierarchy for debt settlement, ensuring that prior creditors are paid before those who registered their interests later.
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